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Savvy Ways to Save on Insurance Costs
The Henry J. Kaiser Family Foundation found that, as of 2013, 61 percent of adults said the main reason they don’t have health insurance is because the cost is either too high, or they lost their jobs. Meanwhile, the personal finance site NerdWallet did a survey on auto insurance and found people overpaid by an average of $368. But paying for insurance isn’t a concrete formula. It can be negotiated, lowered and sometimes turned into a tax-deductible advantage. Slashing your bills from homeowners insurance to car insurance takes time and research, but can save you thousands a year. Here are some of the lesser known ways to score a deal on your insurance costs.
Homeowner’s Insurance
Take a look at a compilation of the average homeowner’s insurance premiums from Value Penguin. Florida ranks at the top of the list at an average of $1,991 a year while Wisconsin’s is only $610 annually. Fortunately there are ways to lower your premiums without skimping on coverage. Investigate strategic renovations that help protect your home while simultaneously giving it an upgrade. For example, a new roof can reduce your premium by as much as 20 percent.
The security of your home and neighborhood can also impact your homeowner’s insurance price tag. Some policies offer lower rates if you live in a gated community. Typically gated and secured areas have fewer incidents of vandalism and theft. According to Realtor.com, installing deadbolts and security cameras can sometimes lead to a homeowner’s insurance deduction. To save even more than just your monthly insurance bill, install a system from Lorex and purchase it outright instead of paying a monthly subscription fee.
Health Insurance
The National Conference of State Legislatures reports that workers spend an average of $951 a year for out-of-pocket health insurance costs. Meanwhile, average health premiums for a family exceeded $16,800. Keep health insurance within reach while keeping your family healthy. To lower your costs, combine a high-deductible policy with a tax-deductible health savings account (HSA). This tip can lower your monthly insurance bill while saving and earning interest toward medical needs. You can also take your HSA with you even if you switch health insurance providers.
Consider shopping around for a cheaper policy with a higher deductible to immediately lower your health insurance bill. Next, shop around for your medical needs instead of picking the biggest hospital in town.
Car Insurance
Ask your car insurance provider if they will cut your rates when signing up for automatic payments. Offer to pay your premium yearly instead of quarterly or monthly in exchange for a discount. Next, look into lowering your car insurance, and all of your other policies, by researching multi-line policies. Purchasing your homeowners insurance with your car insurance can trim your monthly bills and put more money in your pocket.
There’s another way to completely eliminate your auto insurance. If you live in an urban area, ditc
h one or both of your vehicles and rely on Zipcar, Uber, public transportation or your bike! This way you only pay when you use a car or bus and can drop auto insurance altogether.